Exploration & Production

Petrobangla to award Posco Daewoo DS-12 exploration licence

Bangladesh’s state oil company, Petrobangla, will award an exploration licence to South Korea’s Posco Daewoo International on 14 March for the DS-12 deepwater gas block.
By Staff reporter 8 March 2017 0 24649

Bangladesh’s state oil company, Petrobangla, will award an exploration licence to South Korea’s Posco Daewoo International on 14 March for the DS-12 deepwater gas block, according to Prothom Alo.

Posco Daewoo was selected under Bangladesh’s Prompt Power and Energy Supply Act 2010, meaning there was no competitive bidding process for the selection.

Gas from any discoveries could potentially be exported, but Petrobangla and local companies will have the right of first refusal to purchase the fuel.

The company will conduct seismic surveys of the area and drill an...